We cannot now replicate such Jubilees in a single stroke, because most financial contracts are intermediated via financial institutions, and the Sovereign has mutated from chief creditor to main debtor, (Section 6). But we can try to replicate the former objectives of such social engineering.

Hudson is brilliant, and we need him thinking.

Unfortunately, Hudson is mute on Sovereign Money. Modern Monetary Theory is not Sovereign Money. Modern Money is banking credit, which in turn is banking corporations. These corporations are the financial institutions, who have inserted themselves as a third party into our operations. We can go back to a Sovereign System, it is a simple law change. It is a sad commentary that the Sovereign has mutated to a debtor – a sad joke on us.

http://www.sovereignmoney.eu

A sovereign money system morphs money supply from bank credit into treasury money. Once the money supply shifts into money, then public jubilees become easier to do. These plans to convert the money supply are already done and ready to go, it is a simple matter of replacing Federal Reserve Notes (bank money) with U.S. dollars as loans are paid down in a 1:1 ratio. Banks are then forbidden from creating credit.

In a sovereign system, the source, or headwaters where money is created is the State (Treasury or monetary authority), and at the uptake or Tax level is the State. At the private creditor/debtor level people still make credits and debts with each other, but they have to use Treasury Money.

The true nature of money is law, and “financial institutions” have taken/usurped law into their own hands. Finance creating the credit is money power unrestrained and unlawful. At least in the past, a constitutional KING had his subjects best interests at heart.

Hungary’s constitutional Kingdom lasted nearly 1000 years, so it must have had some sort of King mechanism for erasing debts.

Hudson’s debt ideas and equity ideas are a form of Sovereign money power, but are ignoring the elephant in the room…. private bank hypothecations of credit have hosted society with usurious debts. Money power has to be ripped away from the claws of private banking corporations – maybe Hudson will advance his thinking in this area.

Perhaps the key question is whether the private sector provides such insufficient equity funding for SMEs that it is worth going down the admittedly dangerous route of establishing a public sector equity fund for SMEs?

Canada answered this question 1938-1974.

Debt Free money issued from Bank of Canada to build infrastructure ultimately became wages. These wages accrued as savings. Said savings were put into trusts.

To buy a home meant going to a Trust, and the paying back of said loan would be to pay back saving creditors. The Trust was Gyro like a Savings and Loan in the U.S.,… it only loaned existing money with no hypothecations of new credit.

These Trust creditors tended to be the elderly who had saved over their lifetime; hence the money cycle was virtuous with young benefiting from house loans from the old, and the old benefiting from interest payments from the young. The old then buying the produce and output of the young.

Small and Medium Size businesses formed as neighbors and relatives had savings and skills, thus banks were bypassed.

Small and Medium size business formation kept large usurious type business at bay, as small tends to be more nimble and efficient.

4 big banks get 7.5 trillion in secret.
New Zeland banks get 500 billion over night from Ben.
Madicare and madicaid paid 400 dollars for a pil and still the insurance-farmacy ara allowed to get “copayment” of 80 dollars from a poor man.
And Puerto Rico is the issue for you?

Cancelling Puerto Rico’s debts would be a small price to pay for their independence. Or should I say, our independence.

The government needn’t void a private contract.
It can offer a voucher to debtors for the face value of debts for debts subject to the Jubilee, payable to the creditors. The debtors then use these vouchers to pay their creditors. Creditors redeem their vouchers for cash at a bank. Cash is created to fulfill and terminate the vouchers the same way it was created to buy toxic mortgage backed securities under quantitative easing.

Seems like a political platform that deserves to be tested.

There was a Jubilee for holders of Mortgage Backed Securities, why shouldn’t there be a Jubilee for your revolving credit and student loans?

Combine that platform, and simple rhetorical question, with a much softened stance and rhetoric on Latin-Americans – especially the many who are citizens, and combine it with some rhetoric on how uncontrolled immigration hurts African-Americans and controlled immigration plus a Jubilee would really, really, really help African Americans, and you may have the combination that upends the whole game.

The problem is governments being stupid enough or criminal enough to allow their nations’ exchange mediums to be created as debt at usury in the first place. Debt necessarily tears economies down to total destruction as everything about debt is a minus, there is no plus except to the OWNER OF THE DEBT.
A proper medium of exchange must be MONEY, NOT ”credit,” which is just a euphemism for DEBT. The only way to get DEBT into circulation is by LOANS which must be repaid WITH INTEREST BUT THE INTEREST IS NEVER CREATED BY THE LOAN. This is simply a conveyor belt of all wealth to the owner of the DEBT. Moreover, AS THE DEBT MUST BE REPAID PLUS INTEREST, there must FOREVER BE NEW AND BIGGER LOANS TO COVER THE DEFICIT, otherwise there is soon NO EXCHANGE MEDIUM WHATSOEVER. This constantly growing deficit is the real inflation and usually becomes THE NATIONAL DEBT to boot.
REAL MONEY is SPENT into circulation by its proper creator, the government of the people. It stays in circulation for the constant use of the people AT NO COST TO ANYONE. It is not based on ANY SORT OF COMMODITY but is BACKED BY THE ABILITY OF THE PEOPLE OF THE NATION TO CREATE NEW WEALTH.
With REAL MONEY, there is never a need for a jubilee.

What’s wrong with assortative mating?

Are Hindus clever enough? Some are, most aren’t.

America is an Oligarchy. It has never been, and is especially now, not, a democracy.

So, in a sense, we agree.

Every dollar printed by the government, over a certain amount, results in the devaluation of outstanding dollar obligations, as well as that money held in every ones wallets. The value of future payback dollars is therefore less than it would have been if the excessive printing had not occurred. The further into the future, the greater the devaluation effect, especially if the government prints excessive amounts on a regular basis.

In effect, this is a form of Jubilee debt abnegation. Not total, but substantial.

Most of the homes taken for free by bankers during the financial crisis were fraudulent loans underwritten by the Government. In other words, banks wrote themselves their own paychecks over bubbled collateral backstopped by the US Government. A guarantee of success.

I agree that Milton Friedman is a false god in the panoply of some deluded conservatives. What strikes me as good about the idea of a Jubilee is that forgiveness of debt to the government would have only good results. Depriving politicians of money to play with would hurt nobody who didn’t richly deserve to suffer.

The authors managed to stray from that concept into the territory of socialism’s ideal of wealth redistribution. Forgiveness of debt between parties who agreed to the terms is rightfully left up the lenders. Seizure of property for nonpayment of taxes is a crime committed by government against citizens, but forfeiture of property pledged as collateral in a loan agreement isn’t something that government should have any say over.

Sorry for going off topic in my reply, anarchyst. I tend to do that now that I’m old.

When Michael Hudson refer to financial parasite are killing the host he is referring to the Jews and also to the white anglo – Saxon that are accomplice and help the jews .

Crime is tax free. Right junior?

This is the same Milton Friedman who came up with the idea of “withholding” income taxes. Previous to WW2 federal income taxes were not withheld from employees’ paychecks. Taxes were due and payable in full by April 15.
Withholding made it easy for the government to raise taxes at will…
Imagine getting rid of withholding today.
The result would be the 16th amendment being repealed.

China owns about 1,3 trillion of US debt. Say all countries around the world together including China own around 3 trillions.
So still 17 trillion debt is own by the US citizens, mostly 1% rich Jews.
So when the bond market will collapse who will be hit most?

Given that this massive global private debt of $233 trillion is unsustainable and a drag on the economy, the real economy, not the fictitious financial economy that sit atop it like a tumor, it should be a serious consideration, especially since it has been DISHONORABLY created over the past forty years.

Neoliberalism has been exposed as “fantasy or junk economics”, not at all a reflection or compatible with the real world and its reign has reached its zenith, now in its twilight. An ever growing movement of economic students worldwide are demanding to be taught economic history (imagine!) and MMT, the actual representation of the operational reality of the economy.

The wizards of “oz.” have granted themselves a unique responsibility that has been appallingly abused, the creation of money. Sovereign nations have had the power all along to have a healthy, robust public sector. It’s time we demand it.

Prof. Steve Keen agrees that the global private debt must be addressed:

“Thus, if the State is to reduce the indebtedness of certain groups in the population (while maintaining its own fiscal solvency), it can do so only by redistributing wealth from the wealthy and powerful. The greater weight of such redistribution in any modern simulacrum of debt cancellation is bound to evince strong opposition from those at the receiving end.”

Strong opposition means co-option and propaganda to get the hicks to do the dirty work. Remember how the Freedom Works teabaggers flocked like sheep to protest any possible help for the millions who were going to be tossed out of their houses? These intellectual lightweights will shoot their own neighbors if their favorite conservative movement tells them to.

34 Dutch Boy > The present usurious system ought to be replaced by a non-usurious banking system

A gigantic Islamic-finance industry exists in the world today. Quite gigantic.

I invite Mr Dutch Boy to put his money where his mouth is, and start lending money with no interest charged.

I breathlessly await, Michael Hudson & Charles Goodhart putting their money where their mouth is

No license is needed to lend money, guys….. put up or shut up

All governments should know looking after the wellbeing of its people is their first order of business; neither ideology nor religion should be their business. Perhaps the American is born out of the Europeans who are a religious based civilization, therefore the elites who run the US government still carries their ancestor’s root and run the USA like their old continental forebears and put ideology/religion before the wellbeing of the people.

Apparently, you only read the title of the article. The Jubilee primarily cancelled debts to the government, such as unpaid taxes and fees. It left business loans between private entities intact. The author did wander around off the subject, but that was the basis of the article.

The present usurious system ought to be replaced by a non-usurious banking system. These could be state-owned banks or private banks licensed by the government to issue loans at no interest (only reasonable fees to cover the cost of originating the loan and insurance in case of default). Modern banking is merely the creation of money, which is a state responsibility. Allowing private banks to create money and charge interest for doing so is nothing but legalized theft and creates an enormous flow of wealth from those who have less to those who have more. Those who wish to earn money with investments would use investment banks, which would be forbidden to invest in debt instruments.

Morphing “Inflating away debt via debasement of fiat currency as a slow motion debt jubilee” is as brilliant as claiming bombing, killing and waterboarding on the fabricated phantom WMD allegation as humanitarian intervention. Following your logic, I guess all the Americans can stop paying their credit cards outstanding balances, student loans, mortgages, payday loans, etc., and wait for the inflation to work its magic to the way of their debt Jubilee, meanwhile forgetting about the compund interests of those loans and debts as well as all their incurred fees and charges.

Debt Jubilee is only an interesting topic, a fancy idea or even a bad commie joke? Not applicable in the democratic society like the USA? As Milton Friedman defined captialism was the prerequisit of democracy, debt/loan, interest and peonage are the pilliars of Capitalism, denying these pilliars is denying capitalism hence denying democracy, thus debt jubilee can no do in the USA, doing so will be denying the USA is a democracy.

Low wage earners can get a supplement for basic necessities from the government or private charities

Even more evidence that you don’t live in the real world.

because the public should be intelligent enough not to use the product.

Do you live in the same town as Garrison Keillor, where all the kids are above average? Half the population would have a hard time pouring urine from a boot , even if you wrote the instructions on the bottom for them.

ANOTHER uppity ethnic! Unz, you must keep the lesser breeds from polluting this great site.

There is no excuse for taking a payday loan. The people who take them are idiots who can’t delay gratification. Low wage earners can get a supplement for basic necessities from the government or private charities. These people have typically burned bridges with other lenders like credit card companies. They are dishonest people who don’t pay their debts.

“Could/Should Jubilee Debt Cancellations be Reintroduced Today?”

So what you’re saying is that because i DIDN’T go into massive debt i’m a fucking idiot and those that just borrowed with reckless abandon with not a care in the world about paying it back are the “smart” players of this stupid game?

A jubilee rewards the reckless and punishes the prudent……..yeah,, that makes total sense.

Fool paycheck loans were introduced because the sharks were well aware that with the low wages the people would need somewhere to go, seeing the mafia had been pretty much run out of town,and one of their favorite places were the reservations where the troops hang out and train some call them military post…

“…Nowadays, however, governments of our democratic societies are almost invariably large financial debtors, often the economy’s most highly indebted sector. There is no likelihood of this reversing…”

There is a way to do this. Dump the Federal Reserve of all countries and go to a government owned bank. Each bank buys all the debts of each other and then cancels the debt.

Debt money creation is worse than just printing the money. It makes sense because if you just print the money then you only have inflation for the amount printed. If the government borrows the money then not only is the money created but there’s a debt that continuously compounds along with the money creation. I might add much of the banker money created, by volume, rarely trickles down to the average person. Most is used by banks to buy the structure of the economy for which they charge us monopolist rents whether it be power, water, internet, phones, etc.

I also don’t care much for high property or land value taxes. It means they are constantly shearing you just to have a space to rest your head. I had an Aunt who lived in New Jersey who had to sell her house because the taxes were higher than the house payments.

There’s a guy who ran for President last time who has some excellent ideas. This guy invented Moprtage Backed Securities.

https://web.archive.org/web/20160126102250/http://www.scottsmith2016.com/#scott-smith-home-1

We need to address “what comes next”. How do you replace the money supply from a debt based system? How do you tax income or what do you tax? This guy has a plan and while I’m not sure all of it works it’s damn interesting. It cuts taxes of most people, replaces the banking system and ends all US debt in five years. He’s not some crazy person he is the actual person that invented “Mortgage Backed Securities”. In his original version they had normal valuations for housing and he had extra fees accounted for any housing that couldn’t be paid for. You can say the non Judophile version. It worked great because it provided money for housing and a stable known quantity investment for large pension funds, insurance companies and big investors.

If all the goods and services in the economy were backed or shadowed by an equivalent amount of currency we would have a situation were there would be debt but it would be owed to no one in particular. The cash would be a direct substitute for goods and services. Benjamin Franklin wrote about the currency in Pennsylvania that worked like this but based on land. It worked very well and provided prosperity for the whole community. Of course when the Bank of England found out about it the King made them stop causing the whole community to crash into a downward spiral. Possibly being one of the reasons for the revolution.

http://www.philadelphiafed.org/publications/economic-education/ben-franklin-and-paper-money-economy.pdf

Since the debt is compounding it can’t be sustained. They’ve already got this figured out. They’re going to Special Drawing Rights SDR’s. There will be a big financial crisis and SDR’s will come in to save the day. It will of course be the same rip off but on a bigger scale.

We should go to a money system that’s based on total goods and services. It could be inflationary, or not, but not necessarily any more than what we have now. All debt these days (bonds) are essentially monetized or currency anyways. You just borrow money on the value of the bonds. So doing away with bonds would not necessarily cause a cash inflation spiral as the bonds are likely monetized (cash) as it is.

For revenue instead of getting most from income taxes he would get revenue from settlements. Like every time you buy something or deposit a check in the bank, etc. The value of this is it massively raises the tax base so that the amount of each transaction is minuscule. I read, “For Good and Evil: The Impact of Taxes on the Course of Civilization” by Charles Adams a book on taxes and it talked a lot about raising the tax base in order to lower the percentage taken from each transaction and to spread out where revenues came from.

Let’s look at the numbers he quotes.

Payrolls total $15 trillion.
Not much for filling a $4 trillion federal spending.

The base for what he calls payments, (transactions), is 3,600 Trillion. Big difference. So using this big difference he would only take a tax rate of just 1/8 of a percent.

He also would stop charging interest as the money is made and backed by the taxpayers. He would only give banks a service fee. (I don’t agree with this. I think a small interest paid to the Federal Gov. would be helpful providing the majority of it went to the treasury and bypassed the FED and banks.)

He’s got some great ideas on lots of issues. He’ll never get any publicity from the media with his cut out the FED ideas but they’re worth thinking about. My biggest problem is just how, even with such small percentage of tax, he would keep corporations and the 1% from gaming it so they pay none.

Another thing Smith wants to do is pay the debt off. He points out that all the debt pays interest so it gets bigger and bigger. There’s a not so evident twist to the debt. Here it is…as soon as the debt is issued it is financialized. It becomes money. It may be debt but in today’s world you can use this promise to pay to raise cash. Therefore the money supply is already inflated by the debt. Get it? Debt becomes cash through financialization.

He says,”…Coupon stripping would not be inflationary
because it would replace our existing supply of interest bearing
money with non-interest-bearing money…”

When he says coupon stripping he’s talking about the old time bonds. Here’s a picture.

Each bond has coupons that when torn off at a certain date become money. He says we pay all the bonds off with non interest bearing CASH now instead of letting the debt inflate further. The bonds have become cash already so it’s not necessarily inflationary to turn them into cash.

Here’s another quote,”…Ironically, we would have inflated the money supply less if we had issued new money to pay for the deficit each year rather than selling Treasury bonds. At least ordinary money does not accrue interest…”

That being the case he says we should pay off all debt within five years.

Here’s a link to his pay off the debt page.

https://web.archive.org/web/20170203085112/http://www.scottsmith2016.com/wp-content/uploads/2016/03/Pay-Off-the-Debt.pdf

I think he’s somewhat right about turning debt into cash not being inflationary but not 100%. Some debt is parked and if they were forced to accept cash I have no doubt they would buy assets for cash causing some inflation. His point over all I believe is sound. That printing cash is less damaging to the economy than continuously expanding debt. Yes there is a limit to this. The damage is less when you have instant inflation than the delayed case of delayed debt. When you have instant feedback from printing cash you also can see the damage and correct it faster. The debt is hidden as it takes some money out of circulation while NOT extinguishing it. When debt is turned to cash it’s influence can’t be stopped as easy.

https://web.archive.org/web/20160126102250/http://www.scottsmith2016.com/#scott-smith-home-1

There can be no debt jubilee – the enacted system itself is debt and it won’t begin to change until the demographics change, which they are. Hindus and Chinese, playing the long game, won’t be content to be slaves to Jews, and they’re the future in every dead western land:

https://sspcdn.blob.core.windows.net/files/Documents/SEP/STS/2017/Program-Books/Scholars.pdf

I could link to at least a hundred other indicators that show that debt-riddled Europeans are the past, vanishing like snow in spring.

Taxes.

Declaring all debt America obtained fighting wars for neocons and the state of Israel to be Odious debt would be a good start.

Payday loans were introduced because there is a class of people who don’t have the ability to delay gratification or understand the basics of personal finance. On average, a payday loan user has a high probability of not repaying his debts and is still spending more than he brings in, mostly on non essential items. They shouldn’t need to be outlawed because the public should be intelligent enough not to use the product.

1. debt jubilee ? ? ? sure, just give a little advance notice so i can run up my credit card balance…
.
2. meta comment on site: REALLY don’t give a shit about watching most/(all?) site’s ‘podcasts’, vidyos, whatever; i come to this site to read op/eds and articles, not waste time watching a 30 min vidyo for 1 minutes worth of information better gleaned by reading…
yeah, old school, i know…
accidentally clicked on the vidyo link once when i saw the topic i was interested in, but then saw it was a useless vidyo, with no transcript, to boot, so, buy-bye…
.
if’ns i wants to watch me some vidyos, i’ll go to Utubby…
some itches are better left unscratched, meester unzzz…

The CIA probably wants a civil war to shake things up a bit. It always works. Go Amazon!

Interesting article, but I would have to think about the proposed solution, I doubt it.

As the authors go to the Jubilee in the Bible, apparently invented by Sumers, there are two other proposals in the Bible also.

One is the story of Joseph claiming to be c. 1700 BC or something, supposedly invented what Egyptians invented a thousand years earlier, storing grain in good years for bad years, but Joseph made a nasty twist to this well working system: he taxed grain in good years and sold it with usury prices in bad years robbing Egyptian peasant of money, livestock, land and finally reduced them to slaves. This being one of the main teachings of the Old Testament (alongside of various ways of cheating and robbing by Abraham and Jacob) the way of usury was well known around 700-500 BC.

The other one is Jesus forbidding taking interest, which is also what Muhammad wrote. It has been tried, but usually not fully, i.e., Jews were allowed to take interest from non-Jews both in Christianity and Islam, which totally ruined the idea. With no interest on loans there would not be private banks, but there could be a public bank, as the state gets the profit from taxes. It would hinder economic development, but that may be not so bad after all, if critical functions are secured in some way. In some way this may work and be a stable system.

Certainly the present economic system cannot be continued infinitely, it needs some kind of a reform.

Mafia won’t go for it. They need the debt slaves to feed the welfare and entitlements of the Pentaplex and the middle class delusion. We know who’s really in debt.

One question that comes to mind is, how would a debt jubilee work in a society in which the currency is an instrument of debt? A Federal Reserve Note is an instrument of debt, created out of thin air and loaned into existence.

To Hudson & Goodhart,
A long long article…. but I read it all in detail. At least the authors are looking at and thinking about solutions to an immense problem that must be addressed, unlike many authors who whine and complain without offering solution oriented arguments. Keep up the publishing boys!

Not only should but a debt cancelling jubilee on the national level ie the national debt is the only way to go, however the Zionist privately owned FED should be abolished first.

The FED is as federal as Federal Express ie being privately owned by the Zionist banking cabal that creates money out of thin air and then loans this money to the gov and we taxpayers at interest thus making the FED the greatest PONZI scheme in the history of the world.

The zionists have used the FED and the IRS since 1913 to force America into debt producing wars starting with WWI and on through to the Mideast wars to produce a debt that put America in a debtors prison from which there is no escape.

All wars are zionist banker wars and these wars have enriched the banksters while endebting the American taxpayer.

ABOLISH THE FED and have the gov issue the currency as it was prior to the zionist takeover of the gov in 1913.

ABOLISH THE FED and set Americans free.

The Left has long called for debt cancellation when its a matter of blacks owing huge money to white Gentiles. What I’d like to see is a specific call for Jewish owned businesses to cancel debts.

Of course, just as it would be anti-Semitic to cal for Israel to open its borders to hordes of black and brown Mohammedan refugees, it would be anti-Semitic to call for Jews to cancel debts., doubly so when those who owe money to Jews are white Gentiles.

And that hypocrisy is not confined to Jews (or to Semites: the Arabic version is awful as well). Anybody who thinks Germany, or any Germanic country in the senses of language spoken and the ancestry of the nation’s builders and shapers, would allow its Elites to lose money through sweeping debt forgiveness is hopelessly naive. The Germany of today intends to squeeze the poorer nations of the EU to the point of near death, which makes Germany’s overlordship that much more powerful. allowing Germany to Do Good by inviting millions, then tens of millions, more black and brown Mohammendans into the EU.

There is a most important reason that Yiddish is German, not a Germanized Hebrew or Aramaic. Yiddish is German with a few Semitisms. Nor is it a wild, and unaccountable, accident of history that Jews have adopted English as their new Yiddish – the universal Jewish vernacular – and that Angles and Saxons (as well as Jutes, Frisians, Danes and other Vikings) were Germanic.

You cannot solve the ‘Jewish Problem’ without also, simultaneously, solving the specifically ‘WASP problem’ and more generally ‘Germanic problem.’

You cannot separate

The real power these days isn’t Russia or the Pentagon or some CIA created ISIS thugs, it’s the bankers that have taken over the western world.

With their command of both the central banks and most nations Treasuries, they have absolute power to do whatever they want, whether that is getting corrupt legislators to pass laws in the US tossing people into prison for debt or to fraudulently push the stock market up, then pop the entire mess, but not before they and their buddies get out with a load of loot. All the while remaining above prosecution.

The USA is so far in debt now that we are forced to borrow from those bankers just to pay the interest on the money we’ve already borrowed, a banker’s dream but a nightmare for Americans.

To think that some kind of debt Jubilee is going to upset this very lucrative apple cart is a waste of time.

The only real change will come when Americans discover they still have a backbone and do another 1776.

Hudson, the closet marxist, should read the column to the left of this one titled “Its Time to Drop the Jew Taboo”.

Like all the other Zio-Sycophants his column amounts to some interesting history and a bunch of communist drivel. He needs to open his eyes and realize that the entire west lives under ZOG.

The jews are not going to allow goyim to escape debts owed to jews. If Hudson wants to start to correct the wrongs that have lead the west to the massive over-leverage, he should advocate that all goyim debt to people with “stein”, “berg”, “rosen”, “gold” in their family names should be “jubileed”. That would of course include banks with managers and directors like “lloyd Blankfein” or “Jamie Dimon” as well.

Hudson also does not mention what his favorite tribe has done to white, as well as other colors, families. All his blather about citizens paying taxes, serving in military and civil projects is worthless when social capital has been destroyed. In the US all the blacks and mexicans and other illegals want is welfare or a cushy state job payed for my Hudson’s beloved progressive income tax.

The real truth is that virtually all the massive productivity gains of since the beginning of the industrial revolution were stolen by the money changers and their (((central banks))) through inflation and games played with freshly created money. Throw in 150 years of wars for Israel, and it is clear who has destroyed the “middle class” (they always call the “middle class” the “bourgeoisie” right before they have them executed). The west should be the land of milk and honey, not depravity and debt.

It is important also to note that Hudson fails to mention the invasion of the west by third worlders and what they would expect from a Jubilee.

The sad part is that this debt enslavement of white people and where it eventually leads has been so well documented by the jews themselves. It is in the Talmud, Oded-Yinon, Coudenhove-Kalergy, The Protocols. Yet our intelligentsia, of which Hudson certainly thinks he belongs, not only refuse to acknowledge that it exists, they will happily call you an anti-semite and nazi if you even dare to mention it.

…expect to say goodbye to a functionning democracy in a not too distant future.

2 questions.

1. What’s so sacred about democracy?

2. If you’re saying the US has or ever had a democracy that functioned in the interests of the majority then please inform me of when that happened.

Might be a good idea but will never happen, so no point discussing it.

Brilliant article! Simply Brilliant.

“… most financial contracts are intermediated via financial institutions ….”

One person’s debt is another person’s asset, and debt is not just intermediated to institutions but farther down the food chain to the savings, investment and retirement accounts of average people.

Here’s a twist to encourage a little more social reponsibility: A 1000% excise tax on personal security firms or persons hired for that purpose by anyone, companies included, and disallowing of tax deductability for any security measures by those employing them.

Considering many debts have been introduced because wages have not been kept up with the cost of living, I think that many of them should be. Take Payday loans for example. They are very clearly a form of predatory lending meant to get their debtors caught in a loop.

The whole reason why they exist? Real wages have not risen for decades. They’ve all gone to the very rich.

I mean take a look at the situation with housing, healthcare, automobiles, etc – they’ve all gone up, while the wages have gone down.

At this point, Michael Hudson has the right ideas. The game is rigged against us lowly peasants. That’s the real problem – the elites on top only care about themselves and are willing to loot society to make themselves richer. We need an economy that works for us, the people, not the small globalist elite that is ravaging society.

Ron Unz himself has a good article on this one: http://www.unz.com/runz/chinas-rise-americas-fall/

Not saying the Chinese elite are perfect (far from it), but they seem to realize that they have to deliver to the people as well, which they’ve done a far better job than our elite.

nobody master, nobody slave

I don’t want to be pedantic, but,

what is “middle class” ?

just a personal interpretation is fine with me

A very good article (though extensive).

A well-worth read, very thought provoking, that joins some of my personnal pet peeves. Basically a strong and free society has to rely on a majority of free landowning citizens. If we don’t restore a strong middle class, expect to say goodbye to a functionning democracy in a not too distant future.

Debt jubilees would be a good solution to that. I really like author’s solution of Equity financing for college , as I see higher eduction as an investment in human capital, therefore it would make sense to have the state co-invest.

Inflating away debt via the debasement of a fiat currency constitutes a SLOW MOTION DEBT JUBILEE…….the kind of invisible relentless debt jubilee that maybe one in one thousand can recognize unless the inflation gets out of control. When inflation exceeds 2 year CD returns by about 5%, even a college professor or economist can spot the debt liquidation and defrauding of the creditor.

Look forward to this book, very interesting topic.

more windbaggery….”..Nationalism was a product first of the enlightenment and then augmented by the romantic reaction to the enlightenment, just like Marxist class consciousness, and in no way older. Nationalism was the first vehicle of liberalism and progressivism too.”

Nationalism was The guiding characteristic of the ancient Greek Polis system. Ditto Rome. Although Rome tried to Hellenize it by constructing a larger frame..Roman citizenship, etc. Empire destroyed Rome and its World Citizen craziness. All Rome’s People, like today…the thing thrashing around destroying itself. We are all equal and such mind destruction.

Nationalism is particularistic…Enlightenment thinking was universalistic…dumb and dumber the liberal gets, with brutality toward facts, especially biological facts. Liberals are brutes, and also treat the people they claim to want to help…brutally , by lying about the facts of life/biology. Do-Gooders are killers on a mission from their own egos: do it because I say so.

Nationalism is just a way station on the way up from the Tribe. Or better, it is the End of the line for the Tribe, once Race in thoroughly understood in the global context.

Rivalry, from sports, to international relations is obvious. Rivalry feeds into nationalism, but that is not all nationalism is.

Marxist class consciousness…. your remarks are too uninformed and ideological….think the Graccis of Rome as class conflict swelled, or the class conflict of Greece which Solon dealt with by crafting a constitution. Then on and on.

Protestant Reformation had large elements of class conflict…peasant revolts, etc.

The only true remark you made was that romanticism contributed to nationalism… as romanticism opposed the hyper-rationalism of the Enlightenment…to put a creaky frame on a complex affair.

what planet do you live on?…some idiot academese you speak.

Joe Webb

corporate feudalism is a nonsense word. Capitalism in all its forms is not feudalism, which was a non-market society marked by aristocratic privilege, and opposition to tyrants/ kings.

The only thing remotely parallel was serfdom , which was not always part of feudalism.

Today, most workers are serfs in the sense that they have no economic base outside of working for The Man.

Joe Webb

econ 201 from the jewyorktimes.

Fw: NYTimes.com: E.C.B. Rules Out Free Money as Antidote to Falling Prices
Peoplejoe webb Today at 10:26 AM

wrong. Fascism is 100% anti-modern, and your attempt to tar it with that brush, is just another liberal brutalizing of facts that you do not like.

Fascism is as close to the human condition as any politics can get.Fascism did not kill millions.

A world war killed about 50 million, in which fascism was the steadfast opponent of the genuine modernism of communism, following the logic of 1789 and Equality. The US sided with the communists. So, now we got a communism called liberalism which is going to be replaced by a kind of fascism of the new anti-modernism.

Autarchy economically, Country first, racial state, family values, money values reduced to a modest role, and anti-war a la Trump. Isolationism except for special relationships with white countries. By the way, the Black Book of Communism by Conquest, etc puts the death toll of communism at 100 million, and counting.

Your factual understanding is off by zillions, but it serves your liberal purpose, to confuse, and condemn a racialist basis to politics, which is the only sane approach given the biological realities

Mussolini and Hitler both were reactions to the extreme Liberalism of the time , called communism which was threatening Europe and especially Germany.

Your lib-think stinks. Joe Webb

Joe Webb

Apr 6, 2016 Nullification Movement News

A quick overview of a number of bills that have been moving forward:

Protecting the right to keep and bear arms in Mississippi

Pushing back on FDA restrictions on terminally-ill patients in Maine, California, and Alaska

Rejecting the unconstitutional federal ban on industrial hemp in Alaska and Oregon

Taking action against a national license plate tracking program in Oklahoma.

The age of corporate feudalism is already well upon us.

General Electric’s latest ads don’t sell products. Instead ‘job creator’ GE is depicted, a paean to attract loyal serfs. All without paying Federal tax and only $250 Connecticut tax. The long-standing joke at GE is that janitors pay more tax than the corporation. CEO Jeff Immelt ($37.25 million compensation in 2014) is moving GE headquarters (800 employees) to Boston after negotiating $145 million in incentives, grants, and subsidies from State of Massachusetts and the City of Boston.

CEO Louis Chênevert negotiated $400 million in state and local subsidies for UTC to remain in Connecticut in 2014. Chênevert received $32.3 million compensation that year before announcing his retirement (the board asked him to resign after he spent too much time overseeing construction of a new yacht). Chênevert walked with an additional $184.3 million retirement package.

CEO David Cordani negotiated $47 million ($71 million if more jobs are added) in forgivable loans and tax credits to move 200 executives from Philadelphia to CIGNA’s Connecticut HQ. Cordani’s compensation was $27.16 million in 2014. The following year he negotiated the CIGNA buy-out with Anthem: his compensation shot to $49 million.

Leona Helmsley was right. Like the Ancien Régime, only peasants (“little people”) pay tax.

Yup, War is the course of last resort.

And it’s coming.

Re: Fran Macadam, “When all else fails, the elites choose war.

Fran has that right. Think about it, the flip side of the Bankster coin is the MIC coin. It’s gamed by the dissembling Politicos in service to the cronied-up Security State using the same twisted logic to rationalize the economic pathologies heaped onto the backs of the taxpayers. I.e.,

“War is Peace, Freedom is Slavery, Ignorance is Strength”

The Crony War Party instigates conflict, fear-mongers the threat to hyperbolic proportions and then hits up the taxpayers for massive Security State funding to “defend our freedoms”.

It’s all over but the crying…

March 9, 2016 Who Controls the Central Banks? Mark Carney, Governor of the … “Bank of Goldman Sachs” By Prof Michel Chossudovsky, who publishes Global Research.

In the event of a vote in favour of Brexit, The Governor of the Bank of England Dr. Mark Carney reassured the British public: “we will do everything in our power to discharge our responsibility to achieve monetary stability and financial stability…”

http://www.washingtonsblog.com/2016/03/controls-central-banks-mark-carney-governor-bank-goldman-sachs.html

I’m an old fud so perhaps I haven’t been brainwashed as much as say students. Think simple. Debt is consuming us. So do without debt –or at least avoid kneejerk debt.

Education is perhaps the worst offender. So don’t borrow for school. Work and save during high school and summers off. Start the first few years of college in a less costly teaching school rather than flagship research university. And, if you run out of money, go to night school and work during the day. Try to work in the area of your desired degree. Chances are you’ll learn more on the job than in the classroom. But, to be honest, your social life may diminish a bit. What doesn’t have to suffer is your ultimate goal.

The problem with school debt is that students are devoid of collateral. So debt relief and/or lack of cosigners just doesn’t work. But something for nothing (future payment being nothing to the young mind) is a powerful enticement, particularly when everybody’s doing it.

Fascism was not feudalism or neofeudalism- it was, like various other forms of socialism including the ultimately dominant Marxism and its offspring, a response to modernity and an attempt to channel it.

It did partake of romantic, backward looking ideals that were a reaction against the Enlightenment, but then so did most other forms of socialism that emerged in the 19th century, very much including Marxism.

But it also was a creature of the enlightenment, assuming the possibility of scientific understanding of nature, man and society, and scientifically-driven improvement to all three toward a more perfect state. It assumed that earthly experience was all of experience, or at least all we could take account of. It assumed that collective identity was all, and the only form of spiritual condition men could have. it assumed the existence of collective consciousness and mass mobilization, problems to be channeled but also to be used to mold a better future.

In pursuit of all these dreams it killed millions.

In all these ways, just like Marxist socialism.

The only thing that made fascism seem slightly more ‘conservative’ was its emphasis on the nation as the ideal collective rather than the international class. And even that is a truncated perspective- nationalism was a product first of the enlightenment and then augmented by the romantic reaction to the enlightenment, just like Marxist class consciousness, and in no way older. Nationalism was the first vehicle of liberalism and progressivism too.

If nationalism can be projected backward into the premodern world just to make fascism seem reactionary, then it is worth noting that Marxist class consciousness, to the same limited degree, reflects the class-mentality of a world organized according to guilds.

—

And fascism, a relic of modernity, does not represent either feudalism or neofeudalism. As a mass-mobilizing nationalist project, fascism is antithetical to both, just as communism or indeed liberalism would be.

That doesn’t mean globalism doesn’t have neofeudal elements- Hedley Bull and others called that one 2 generations ago. But they aren’t fascist.

Thanks for the uplifting piece. I can now put on a smile and get on with my day!

Debt peonage is the new slavery. It’s advantage is that it all seems legal and voluntary so it’s workings are somewhat invisible unless one steps back and looks at the larger picture. It’s become a form of internal colonialism whereby large swaths of the public are put into harness with increasingly heavy loads for their entire lives until they can retire at age sixty-six by which time they’re physically and mentally shot. Student debt is a way of putting people into debt right at the very outset of their adult working careers and chances are they’ll be in debt bondage for most of their lives. People don’t even own their own homes even if they’ve paid off their mortgage; don’t pay the always increasing property taxes and men in uniform will come and put you and your belongings out on the street. There’s a million different ways people are being squeezed and it’s all an income transfer scheme, from the masses to the upper classes, going upwards and disappearing into their pockets. Slowly, little by little the screw gets turned.

I would be a little more convinced and sympathetic to the poor American worker if I did not see so many examples of sloth and wastrel ways on every side. When everyone thinks that he must have a personal car, a personal bathroom, eat pre processed food just pulled off the shelf at the nearest grocery, and have two closets full of new retail clothes, thrift goes out the window.
For years my family has done with one car, one bathroom, a home walking distance to work, thrift store clothes, and library internet. We always plant some food, and buy in bulk at two or three less expensive grocery stores a few times a month well ahead of consumption. This style of life pays off over time, and one can pay down or avoid debt altogether.

If the socialist parties and media don’t come forth with an alternative to this neofeudalism, you’re going to have a rollback to feudalism.

Roll FORWARD to feudalism. At least under feudalism the upper stratum of society had an obligation to the serfs: privileges came with clearly defined duties. We have nothing like that today.

Wouldn’t it make more sense for the Republicans to be the party of Wall Street, and the Democrats the party of corporations?

If the Democrats were the party of corporations then they could push the Swedish model – low corporate taxes, plus high income tax to pay for government funded education and medical care. This in turn makes workers cheaper to hire for corporations (US corporations often have to pay for the medical care of their employees, whereas corporations in Europe don’t). The Swedish model seems to be dominant approach in most other western countries.

I guess the Democrats also have to appease other groups like environmentalists who dislike corporations, while the Republicans have historic/geographic loyalties to the resource, defence and agro-business sectors.

But they’re blaming themselves. There’s a tendency of victims to blame themselves.

I don’t think that is true. The media and the elite keep the constant mantra going that those at the bottom must not be smart enough or work hard enough and there is no other message that can get through. Trump and Sanders are that message getting out.

Hey it is easy to start believing that success is because of your innate superiority and others not doing as well must be losers. Who doesn’t want to think of themselves as being better than the riff-raff? How many people actually can look back and say they were in the right place at the right time and that is about it for their success?

When all else fails, the elites choose war.

In order for “We the People” to fight “them” we need to communicate and coordinate.
THAT is why all the recent (Patriot Act) invasions into our private e-mails and phone calls.

“Revolt” is not really possible when the people depend on the State to keep the wheels turning so that they have something to eat.

Riots, uprisings, disorder, etc. ? Yes, but it won’t last long until it’s “meet the new boss, same as the old boss.” People need to familiarize themselves with the Defense Production Act of 1950 (and knock-ons), because those are the rules that matter.

The Black Death ended feudalism. I don’t know what they will call the great dying that is coming, but it is coming.

I am still annoyed at the goof who lifted my Youth International Party T shirt which said “EAT THE RICH” when I was at the 1972 Republican National Convention in Miami Beach. I hope that mockery and theater like the Yippies employed is a path around the more common results of “servile insurrections” against the plantation owners. Remembering the government snipers posted on the beachside high rises gives me a chill as I contemplate the current practices and beliefs on all sides. Does anyone believe that the methods elucidated in Field Manuals approximately entitled “Mobile Operations in Urban Terrain,” MOUTS, are scripts for action movies like Who’s Your Bag Daddy?” I disagree about the essential innocence of the debtors; if the stupidity defense is valid for them, it likewise is valid for the high priests of prosperity theology. The labels on the China trash at walmart is the same as that on the 21st century military that we idiots bought for China. Of course the investment bankers plan on being somewhere besides the the beaten zones if the fur starts to fly but what if some wag enroute to the Sino/Panamanian canal decides to pop West Palm Beach or Monaco with a neutron tac nuke just to clear the air. And what about all the guns and ammo that Obama convinced Bubba and Billy Wayne they would need to fight the third American revolution against federal proxies for the UN and IMF. This needs to be nipped in the bud before the tycoons find themselves selling their virgin daughters in order to get the rest of the family jewels onto the last plane out.